Real-Life Millionaires Dish On How They Spend Their Money
Everybody loves a Millionaire and everyone not yet a millionaire, wishes to be one. To be a millionaire is an alluring goal with dreams of mansions, luxury cars, yachts, and fancy dinners galore. But what exactly is a ‘Millionaire’ and how do we define one? The term “millionaire” means any individual whose net worth is $1 million or more. (Net Worth is the value of everything a person owns, minus all debts). Neither personal income nor business revenue nor appraised home value, alone can create a millionaire
Spotting a millionaire is no mean task as most do not look the part. A lot of people, who look as if they are rolling in dollars, probably don’t. Many rich-looking people cultivate a lifestyle and appear to be rich as keeping up appearances requires huge money investments. Many individuals with negative net worth may drive Range Rovers and live in a McMansion while the actual millionaire lives in a three-bedroom house and drives a Hyundai.
Money does matter much less
Millionaires grow their money and do not spend hard-earned money on luxury vacations, clothing, houses, and cars, as after a certain point, money rarely matters much. Earning the first million is brutal but with systems in place, money replicates itself automatically, with time mattering much more. Between juggling business and family obligations, too many annoying practices take up too much time and we need to find ways to reduce or eliminate time wastefully spent. Not the typical millionaire! If you track down some millionaires and ask how they spend money, their responses are surprising! Many millionaires however donate generous sums to various non-profit organizations.
Millionaires Spend on Maximizing their Time
As time is more valuable than money, many spend thousands of dollars on full-body laser hair removal and permanent makeup, to save many more hours each week on personal grooming. Bobbi Rebell Kaufman (How to Be a Financial Grownupspends) spends money to maximize quality time spent with her kids, by spending on extra tutoring and private lessons for her kids. With limited time to spend, doing something ‘active’ like bike riding in the park is fun and rewarding. Scott Alan Turner spends money to have time away from his kids and spend money on babysitters as parenting tests your limits no matter how much money you make. At a restaurant hot food is enjoyable but with twin toddlers who need their food cut and decide to use the bathroom when your entree arrives, you quickly discover the joys of tasting a cold hamburger. Robert Farrington (The College Investor) maximizes his time by grocery shopping on Amazon Fresh. With two kids and the time spent loading them into the car, getting out at the store, shopping (without any meltdowns), then loading up to come home is a waste of time. Amazon Fresh prices are on par with most retailers with a cost attached for the convenience which is a small price if groceries are conveniently delivered at the doorstep when needed.
Millionaires believe in frugal travel
Michelle Schroeder-Gardner (Making Sense of Cents) spends lavishly on RVing full-time with her husband and two dogs, after selling their house in 2015 and thereafter travelling. Being a minimalist saves time but permits savoring the better things in life by exploring the outdoors and spending more time with family rather than pursue material pleasures. Jim Cirillo (Reinvention Revolution) spends money on travel and attends trade shows beyond his expertise as it opens up his mind to understand himself, people and trends in the world, and assists his investments. Doug Nordman spends money on slow travel as he spends not much money, but prefers a lot more time to spend, seeing the world while he still can. Some enjoy spending money to have their extended family join them while they see the world. Joe Olson (Adventuring Along) spends money to secure more time with friends and family to deepen relationships; he rented a large house in Bali last Christmas for a family get-together, and this summer this was repeated in British Columbia. Spending money to get them to visit and vacation and spend time together is just great.
Millionaires rarely spend money frivolously and wastefully
Most self-made millionaires are just everyday folk. While plenty of the idle, rich people choose to spend money on expensive cars, gigantic houses, and lavish luxury hotels, most real-life millionairesuse money as a tool to maximize their time-lines, deepen relationships, and see the world, just like everybody else.
More in Top Bank Accounts
How Bloggers Book Cheap First Class Plane Tickets
Frequent travelers usually make use of their airline miles when booking tickets. However, miles can run out or can be insufficient...December 20, 2018
Americans Have Taken a Record-Breaking number of Personal Loans in 2018
Private Debt has been burgeoning in 2018 and while some say that credit is spinning out of control, there are different...December 19, 2018
Read and Weep: Some Expensive Baubles only Celebs can Afford
Most mortals feel guilty after spending money on some items we do not need. But, others fail to show any remorse...December 18, 2018
Everything You Need to Know about Title III Crowdfunding and the JOBS Act
The Jumpstart Our Business Startups (JOBS) Act was passed by Congress in April, 2012 bringing joy to the startup world, enabling them to...December 17, 2018
PR Can Ensure You Crowdfunding Campaign Success
Strategizing for your Crowdfunding & PR are essential components as PR works best inside the crowdfunding system. Entrepreneurs make the mistake...December 14, 2018
Let These Thrifty Celebrities Teach You How to Save
Let’s face it… those to have it, flaunt it. And when you have money like a lot of celebrities we know...December 13, 2018
Not Your Average Account: These Checking Accounts for the Wealthy offer Insane Benefits
Checking accounts are certainly not a luxury but a bare requisite for most people. There are definite variations among these accounts...December 12, 2018
How The Wealthy Folks’ Banking Habits Differ From Ours
Money management is an art and the key to wealth is successful money management. One key feature is that the rich...December 11, 2018
Anonymous Crypto Crowdfunding is Helping Loads of Indecent Assault Victims
An emerging trend is the use of cryptocurrency for assisting women victims of indecent harassment/assault, to strive for financial independence while...December 10, 2018